Emerging economies scored another first last year by attracting over half of all inflows of foreign direct investment (FDI). Foreign firms are increasingly lured by these countries’ fast-growing domestic markets as much as lower wages. Their share of outward FDI was a more modest 29% but it is rising rapidly, thanks partly to China’s ample financial resources and its need for raw materials. Commodity consumption is where emerging economies really dominate the world: they consume 60% of the world’s energy, 65% of all copper and 75% of all steel. Yet there is plenty of room for growth. Emerging markets use 55% of the world’s oil but average oil consumption per person is still less than one-fifth of that in the rich world.